Metro Bank reports first annual profit

The challenger bank made a profit of £10.8m in 2017 compared to a £16.8m loss the previous year.

Metro Bank saw revenues rise by 51% to £293m last year as it continued to increase its market share.

The challenger bank now boasts 55 branches across the UK and has opened 1.2 million customer accounts since its launch.

It is now looking forward to a bumper year for 2018 as it plans to create a further 600 jobs, taking its total workforce to 3,000.

Craig Donaldson, chief executive officer of Metro Bank, said: "2017 has been a fantastic year for Metro Bank.

“We've reported our first full year of profitability, had continued exceptional growth in both deposits (47%) and lending (64%), and have the privilege now of looking after over one million customer accounts.

“All of this at the same time as creating a further 600 jobs, taking our total workforce to over 3,000 and winning 'Most Trusted Financial Provider' for the second year running."

Vernon Hill, chairman and founder of Metro Bank, added: "Fans join us because of our superior customer service combined with a seamless banking experience, whatever the channel.

“At Metro Bank we are the fusion of digital and physical, combining face-to-face relationship banking with best in class technology creating record brand recognition of 89% in London.

“Our record lending, deposit and customer account growth proves that the Metro Bank model is the future of banking.

“2018 will see us grow our FAN base across the UK, create a further 900 jobs and continue to provide real competition to the big high street banks."